Using the median local asking price per square foot and wage figures from the Bureau of Labor Statistic's quarterly census, Trulia economist Jed Kolko calculated the number assuming Miamians set aside 10 percent of their pre-tax earnings, added interest savings, and offer a 20 percent down payment.

Of course, Miami is a city with extreme income disparity, so many locals won't be buying homes for even longer than that -- assuming they're even able to start saving now. But the Magic City metro is still not as badly off as Long Island and San Diego (14.6 years), San Francisco (20.6 years), or Honolulu, where housing affordability isn't: it takes a whopping 28.7 years to save for a down payment on Oahu, where the average weekly wage is $851.

“If I didn’t have friends who had warned me about the high cost of insurance, I would have been shell-shocked,” Justin Leto, who was able to close on a house in Coconut Grove in June but still frets about the $11,000 premium, told the Miami Herald. “For a lot of people, this is going to make it impossible to buy a home.”